You can save time if you hire a mortgage broker; applying for pre-approval with different lenders can take hours, and then there's the back-and-forth communication that involves underwriting the loan and ensuring that the transaction stays on track. Industry experts recommend that you consider meeting with a mortgage broker before you even start looking for a new home to determine in advance how much money you might be eligible to borrow. Well, it's not too late (in fact, it's a good time) to get in touch with a mortgage broker, as they can find a good mortgage loan for you before you start raising your hand at an auction. You've probably heard the term mortgage broker from your real estate agent or friends who have purchased a home. First, your mortgage broker must certify your identity, so be sure to bring your driver's license, passport, or government issued photo ID.
Check with your state's competent professional licensing authority to make sure they have the mortgage broker's licenses in order. When you are looking for a mortgage loan, you can go directly to the lender or through a mortgage broker. Your mortgage broker may also want to see your credit card bills for recent billing periods and information about any other consumer debt you have, such as car loans or leases. The best way to find a mortgage broker is through referrals from family, friends and your real estate agent. The Federal Housing Administration published a letter to the mortgage lender that increases the lender's liability for the actions of correspondents or brokers.
All lenders offer a lot of mortgage products, which means that Chris and his team will ensure that the mortgage meets your needs and, at the same time, they will ensure that you get a competitive rate. But what exactly is a mortgage broker and how is it different, for example, from a bank loan officer?Borrowers are encouraged to seek out mortgage brokers and ask them how much they can expect to pay in fees, which are usually 1 to 2% of the loan amount. But at the same time, taking that first step and talking to a mortgage broker seems scary and overwhelming. A mortgage broker must understand where you are in your real estate journey and explain the homebuying process to you from start to finish.
